SMART MONEY: Time Doesn't Wait
By Brad Brain
Today I was overwhelmed with melancholy. I just felt really sad, like I had lost something important and it was gone forever. The feeling lingered all day, and the heartache hurt. It hurt bad.
Having just returned from a week camping in the Okanagan, my son and I were unpacking the travel trailer. It struck me that I don't have many of these moments left.
In a few short weeks I will officially be an empty-nester. All of my kids will be off at school, far from home.
We used the hell out of that travel trailer over the years. Oilmen's camping weekend. Family French Camp. Hockey schools. Random weekends. Many good times. Many great family memories. But these family trips are coming to an end, as my children set out on their own path.
What is it that made me sad? What did I lose? Well, little by little, day by day, month by month, year by year, decade by decade, I have lost my youth. My little babies are not so little anymore. In their own ways they are already starting to exceed me.
That's the thing about life. You think you have all the time in the world, until that inevitable day comes when you ask yourself where all the time went.
My point is, whether you realize it or not, this very same thing is happening to you. Time waits for no one. And there is an important message here that is much more than the sentimental reminiscing.
If you are 25 years old now retirement may seem like a science fiction movie. Something that takes place many years in the future, and it happens to somebody else. Most 25-year-olds are thinking about what they are going to do next, not what they are going to do when they have no more paycheques coming in.
But here are the facts. If you are 25 now and you get paid monthly, you only have 480 paycheques left until you hit age 65. That’s it. Four hundred and eighty. You might think you’ve got forever. But you really don’t. So how much are you saving from each paycheque? Will it be enough to adequately provide once you stop working?
Here’s another fact. If you're a brand-new parent holding that little bundle of joy in your arms, you only have 216 monthly paycheques until that newborn turns 18 and heads off to school. Just as mine are doing right now. How much are you planning to save from those 216 paycheques to help out with postsecondary education, or weddings, or grandkids, or home purchases?
When your babies are small it is hard to imagine them as adults. But that’s how time works. Relentlessly marching on. Whether you prepare for the future, or not. Only 216 paycheques until your newborn is 18.
Time waits for no one, and it doesn’t ask your permission. Make sure you don't waste it. Don't waste the opportunity to create those family memories but also don't waste the opportunity to prepare for the future.
You don’t need to have everything figured out all at once, but you do need a plan. A real one. Not the kind of plan where you say, “I’ll get around to it.” The kind of plan where you put a little something away each month. The kind where you take advantage of compound growth, tax shelters, and all the other boring financial tools that end up being very exciting down the road.
When you start early, you don’t have to scramble later. You don’t need to panic at 55 because retirement is knocking and you haven’t answered the door. You can enjoy the journey, knowing you’ve taken care of the destination.
Be intentional with your time and with your money. Make the most of today, because it will be gone before you know it. But also make sure that you’re also preparing for tomorrow. Because, ready or not, it’s coming, and it’s coming at you faster than you think.
Brad Brain, CFP, R.F.P., CLU, CH.F.C., FCSI is a Certified Financial Planner in Fort St. John, BC. This material is prepared for general circulation and may not reflect your individual financial circumstances. Brad can be reached at www.bradbrainfinancial.com